Common shares commence trading on split basis today on TSX and NYSE
VANCOUVER, April 17, 2013 /PRNewswire/ - TELUS announced today that it has completed its previously announced two-for-one stock split of the company's common shares. On April 16, 2013, each TELUS shareholder of record as of the previous day - April 15, 2013 - received one additional share for each share owned. The newly issued common shares commenced trading on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) at the start of business today.
As a result of the completion of the stock split, the number of TELUS common shares outstanding has doubled to approximately 653.7 million while the trading price of each share will be approximately half of yesterday's closing price of $70.56.
"TELUS' stock split builds upon a number of shareholder friendly-initiatives we have undertaken in recent years, including our exchange of non-voting shares for voting shares to create a single share class and our three-year, 10 per cent per annum dividend growth model, " said Darren Entwistle, TELUS President and CEO. "By enhancing the liquidity and affordability of our shares for investors, we are striving to create value for the millions of Canadians who own TELUS shares as retail investors or through their mutual or retirement funds."TELUS shareholders, with or without a physical share certificate, do not need to take any action, as the company has moved to a simple Direct Registration System (DRS). TELUS' transfer agent, Computershare, has sent registered common shareholders a DRS advice form, which represents the additional number of common shares that they receive as a result of the stock split. This allows shareholders to hold their additional common shares in a "book entry" form without having a physical share certificate issued.